IoT in a nutshell
The Internet of Things (IoT) is a way to connect any device with one another via the internet. In creating these networks, they can exchange data and information with one another in a timely manner.
By connecting with each other, this creates a system which intertwines many disparate elements into one. Combined with existing technology, for instance an ERP solution, you have an ideal program to handle your needs. Maintaining all of your information, while linking your devices, creates a centralized platform to perform with stronger opportunities and more possibilities for improvement.
Let’s say you’re a distributor handling large item quantities over a period of time. You have a supply chain and a general management system which tracks products as they move through your warehouse. An ERP system simplifies your business, removing waste and redundancies from the average process and an IoT program connects your devices into one primary unit.
Utilizing this, you can track each item to determine its location, its quantity and its planned departure. At the same time, this provides real-time results, knowing each product and what’s developing internally. Meanwhile, IoT connectivity within your devices gives you immediate reviews of your equipment and their current performance.
Rather than finding a problem late, any detected issue can be directed to the appropriate people in no time. With everything being transmitted between devices within both an ERP and IoT system, you’re never out of touch.
The Growth of the Internet of Things
Whenever a new technological product or service appears, the first thought many people have is, “Is it that important?” While IoT has been around for a while, few have taken the time to understand it. The answer to that question is Yes.
It’s estimated by 2021 that over 36 billion devices will be connected to IoT in some form or another. A decade ago when first mentioned, few believed this would be the eventual outcome.
As this accelerates, so will spending as many firms adjust to this ongoing transformation. IoT spending was set to reach $772 billion in 2018 and expected to hit $1 trillion by 2020. Some key industries utilizing it include manufacturing, distribution, professional and financial services. While others have begun taking advantage, its use will only increase as more businesses see potential benefits.
Poised to be within a multitude of industries by decade end, the resulting transition will create a chain reaction. Multiple companies will be interconnected in ways that were never thought possible. Propelling their growth and creating the environment for stability in an ever-competitive landscape.
Too many companies, in adapting technology, fail to purchase a tool which directly addresses their key areas. You want something which helps with your immediate concerns and daily needs your business goes through.
The outcome is a system that can enhance or even add functionality to your evolving organization. Presenting you with the most up-to-date overview of your business, that’s the power of the Internet of Things.